Downtown Revitalization Fund
With burnt out buildings, empty lots and vacant or under-utilized storefronts, the downtown of the Queen City has a king-sized problem.
The problem is complex, and solutions are likely to be very expensive for a small town with a shrinking tax base. Most of the buildings downtown are more than a century old. As is the case with many communities our size, new retail development has taken place along major traffic corridors. Small, family-owned businesses downtown find it increasingly difficult to compete with national chain stores. As a result, downtown business owners are hard pressed to invest in capital improvements to their businesses including their aging buildings. In many cases, the costs of building improvements may exceed the value of the buildings.
To make matters worse, a number of fires including acts of arson, have gutted several of the old downtown buildings. Most of the burnt out buildings have been demolished, but the exposed walls of those buildings located adjacent to the empty lots are an eyesore, and the owners of those buildings can ill afford the tens of thousands of dollars required to resurface the walls.
As difficult as the downtown decay problem is, momentum is building to find and fund solutions. The Virginia Community Foundation is taking an active role by initiating the Non-endowed Downtown Revitalization Fund which will be used for current efforts such as planning, vacant lot redevelopment, and other initiatives for the greater Chestnut Street area. Because this is a non-endowed fund, your gift principal will be available for current downtown expenditures.
The Virginia Community Foundation asks for your help by making a donation to the Foundation to help us put the sparkle back in the crown of the Queen City.